Did you save it up or you took out a loan for it?

  • Thread starter Thread starter monkie
  • Start date Start date

Did you saved up for building your studio or you took out a loan on it?

  • I saved up for it

    Votes: 44 67.7%

  • I took out a loan

    Votes: 2 3.1%

  • I saved and I loaned

    Votes: 11 16.9%

  • I inherited it

    Votes: 0 0.0%

  • Others-Explain

    Votes: 8 12.3%
  • Total voters
    65
monkie

monkie

New member
Alright, I was just curious. How many of you actually saved up for building your studio or you took out a loan on it? How much did you saved or loan?

I sometimes saved up for it and sometimes took out a loan.

Thanks for all inputs.:D
 
Unless you are building a commercial studio, I think taking out a loan or buying gear by creating debt on credit cards is insanity.
 
SonicAlbert said:
Unless you are building a commercial studio, I think taking out a loan or buying gear by creating debt on credit cards is insanity.
Click to expand...

Yes. Been there, done that. Stressed me out for 3 years to pay off a 1K rack module. At the end I actually end up paying more than 1K.:eek: Very insane. Good thing I learned that early.:) Now, I got a degree and a stable job. Quite happy now.:D
 
I'll admit, I use credit for some gear purchases--but within my means. And the big stuff--like construction--happens as I can afford it. It may take a bit longer, but in the end I'll enjoy it more since it's already paid for!
 
I'm a beleiver that if I can't afford it - I can't have it!!!

I did take out a home equity load to remodel my condo - and part of that money was used to design and build a studio space. However, I've never borrowed money to buy recording gear.

The only time in my life I've taken a loan for anything other than a home or a vehicle was in 1974 when I took out a loan to buy a drum kit.

I had just come off the road I and had left my drum kit in storage on the west coast. It was faster and easier to buy another kit than to arrange to get my kit shipped.

However, I had a house gig lined up - so I knew the kit would start to pay for itself immediately (in fact I paid off the loan within a few months, so I actually paid very little actual interest).
 
Im not a good enough musician nor good enough at recording to justify taking out credits for stuff:o
 
Learn from my mistakes. Don't ever buy gear on credit unless it's a money maker. I"ve only bought 3 pieces of gear on credit, but the headache was definitely not worth it. A little discretion and discipline go a long way and the joy of owning gear paid in full is well worth it.
 
Save up. Budgeting skills and discipline will pay you dividends for the rest of your life in everything you do. ;)
 
I didn't exactly save up for my set up, I just added a piece at a time along the way as I could afford it. I still don't have everything I want (or could use) so I am still in the process of getting my set up to be what I want it to be. I bought a lot of my gear used and am always on the lookout for more or better.
 
Save up, then put it on credit, then pay it off right away. Best of both worlds: credit without debt!
 
save up for enough to get you started....do some cheap demos here and there....some "$20 per song" stuff and use that money to fund your future purchases....home studios can be pretty much self sustaining....I rarely spend money made at my full time job on studio purchases anymore....do a few $400 to $500 jobs and buy something new... :p
 
i have two rules:
1. if i can't pay for it in cash, i can't have it.

and

2. every dollar earned by the studio goes back into the studio.

i don't earn much money b/c i don't actively seek clients. those who have come through have been very pleased.

the last couple thousand dollars i've spent have gone into more room tuning (acoustic treatment) and old fender amps.


cheers,
wade
 
As I'm fully employed with a decent enough wage, I buy stuff when I have the money - which is most of the time. A few weeks ago I bought myself a Motif Rack ES, which aren't that cheap. The other week I bought a mic, some new headphones, some new cabling, some acoustic foam and a thick duvet and faux-fur matting for my vocal set-up I'm building. None of it on credit.

I don't actually possess a credit card.
 
+10 If I can't pay for it in cash then I can't have it. :o

...and like Agent47, I'm 37 years old and have NEVER had a credit card :D

I couldn't imagine going into debt to pay for gear unless you were running a commercial studio.
 
Good advice.

I didn't follow it and have only about $7500 left to pay down on the studio credit card that at one time was up around $ 11K.

The good news is I've been able to chase zero interest teaser rates so on the whole it hasn't been too bad. But if I'm late for a single payment it can get pretty grim in a heartbeat. And the money from doing gigs ends up paying a third of the expense at best. It's not justifiable as a business unless you're already in the business. The IRS has "hobby loss" rules for a reason, I guess...

"Pay cash or do without" is absolutely the best advice I can think of. And I'll still be doing my day job when I hit eighty.
 
I don't have a real "studio" but I do have thousands of dollars worth of stuff I've bought on the no interest deals most of the webstores offer.I'm currently paying something off and the moment that's paid I'll buy something else.

As a hobbyist there's no way I would pay interest on gear.
 
i just bought something cheap and im going to work my way until i learn more about recording
 
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